Cent is an American NFT market best-known for internet hosting the public sale of an NFT of former Twitter CEO Jack Dorsey’s first tweet—one of many earliest NFTs to promote for over one million {dollars}’ price of cryptocurrency. Cent has now needed to halt a lot of the transactions going down there, with its CEO Cameron Hejazi telling Reuters that customers attempting to promote counterfeit digital property had been “rampant”.
“It stored occurring”, Hejazi mentioned. “We’d ban offending accounts nevertheless it was like we’re enjoying a sport of whack-a-mole… Each time we’d ban one, one other one would come up, or three extra would come up.”
Customers of Cent had been promoting NFTs based mostly on pictures they didn’t personal the rights to and even promoting copies of different NFTs, in addition to promoting NFTs that had been made to resemble different tradable property.
Whereas Cent has 150,000 customers, the identical downside has been famous at greater NFT marketplaces, like OpenSea, which is at present the most important NFT market on this planet. OpenSea just lately put in place a 50-item restrict on its software at no cost minting of NFTs since, as was defined on Twitter, “Over 80% of the gadgets created with this software had been plagiarized works, pretend collections, and spam.” OpenSea eliminated the restrict once more after complaints from customers.
As Hejazi mentioned, summing up the present state of NFTs, “We realized that a variety of it’s simply cash chasing cash.” Or within the catchier phrasing of indie sport market itch.io: NFTs are a scam.
